Selling a house might seem easy, but without time, research and consideration it can turn into tricky business and potentially disappointing results.
With millions more buyers on realestate.com.au compared to last year, now is a great time to be thinking about selling your home. But before you break out the champagne it pays to know exactly what the process is when going to market.
The average length of a sales campaign is roughly 21 to 30 days in Australia, with the highest level of interest seen in the first 10 to 14 days.
So it pays to have a strong strategy in place well before you hit the market.
We’ve spoken to Jarrad Boffo, managing director of LJ Hooker branches in Walkerville and Modbury in Adelaide, to get the inside scoop on how to come up with a great strategy selling your home.
While some might be afraid of going to auction, it might be the norm for the neighbourhood. In other suburbs, a private treaty is more the way things are done. Coming up with the right method for your area should be done after careful discussion and comparing similar homes in your area.
“The agent should clearly and precisely explain all the options available to the seller. It should be a collaborative process,” Boffo says.
The majority of sellers see the benefit in going to auction, Boffo says, as it doesn’t limit the sale price. The unconditional nature of auctions also appeals, Boffo says.
It’s hard to overstate the importance of marketing in a sales campaign. After all, a house on the market is no good unless the right people know it’s for sale.
A marketing campaign typically includes professional photography, a comprehensive media campaign covering online, print and social media and staging a home to show off its potential.
“Marketing is absolutely vital. Sellers and their agents should leave no stone unturned,” Boffo says.
“If you’re going to auction, it may mean one extra buyer on auction day and that can increase the sale price by $5,000-$10,000 or more. If you compare the level of investment for that return, it’s pretty impressive.”
The way a property is presented is critical when prospective buyers come to inspect. Making sure you show off everything that’s great about the home is key, as is removing any elements personal to the vendor – such as family photos and pet paraphernalia. It’s all about creating a blank canvas for the buyers to imagine their lives there.
It’s also important for vendors to consider the kinds of buyers that the property will appeal to, and tailor the look to suit them
“It’s about presenting the property in a way that shows it off and helps the buyer visualise living there. Using quality, modern furniture enhances the property and the sale price as a result,” Boffo says.
While it might seem obvious, there’s actually quite a bit of science goes into deciding on the advertised price for a property. Is it a first-home buyers’ property? It pays to know what the government-set limits are for them to receive their discounts. If you’re appealing to families then research their expectations when it comes to size and number of bedrooms in your area.
“The pricing strategy needs to strike a fine balance between being ambitious in line with the vendors’ price expectations, while still being somewhat consistent with market values,” Boffo says.
“Many potential buyers determine if they’re going to look at a property based purely on the advertised price, so it’s important to recognise the pricing strategy has a direct impact on that. It’s vitally important of course to get the highest possible price when you sell your home.”